The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1887-12-16

In the treasury, served to avert immed.
late danger, our surplus revenues have
continued to accumulate, the excess iof
the present year amounting on the Isl
day OF December to $55, ,25s, ,s7i,l9, and
Is estimated TO reach the sum OF sli3,.
100000 on tho S0th of Juno next, at
which date it is expected that this sum
added to prior accumulations, will swell
the surplus in the treasury TO $40. .000,.
600.
NO REMEDY AT HAND.
There seems to be no assurance that,
with such withdrawal from uso OF the
peoples circulating medium, our busi-
ness community may not in the near
future be subject to tho same distress
which was quite lately produced from the
same cause, and while the functions oi
our national treasury should be few and
simple, and while its best condition
would be reached, / believe, by It's entire
disconnection with private business in.
terests, yet when, by preversion OF IL
purposes, II idly holds money uselessly
subtracted from the channels OF trade,
there seems To be reason for the claims
that legitimate means should be devised
by the government 10 restore in an
emergency, without waste or extrava.
gance, such money % It's place among
the people. II such an emergency
arises, there now exists no clear and
undoubted executive power OF relief
Heretofore the redemption OF the per
cents. only which were payable at the
option OF the government. has afforded o
means for the disbursement OF tho ex.
cess OF our revenues, but these bonds
have all been retired. aud thera are no
bonds outstanding, the payment OF which
we have the right to insist upon. The
contribution TO the sinking fund, which
furnishes the occasion for expenditures
in the purchase OF bonds. has been al.
ready made for the current year, so that
there IN no outlet In that direction.
VARIOUS REMEDIES nfsAPRovgp.
The only pretense Of any existing ex-
ecutive power to restore at this time any
part OF our surplus revenues 10 the peo'
ple by its expenditure, consists in the
supposition that the secretary OF the
treasury may enter the market aud pur-
chase the bonds Of the government not
yet due, at a rate OF premium 10 be
agreed upon. The only provision Of law
from which such power could be derived,
is found in an appropriation bill passed
number OF years ago, and il is subject
to the supposiiion that il was intended
as temporary and limited in It's appIica-
ton, instead Of comforting q continuing
discretion and authority. No condition
ought TO exist which would justify the
grant OF power 10 single official. upon
his judgment Of its necessity, TO with
hold from or release TO the business ol
the people, in an unusual way, money
held in the treasury, and thus affect, a.
his will, the financial situation OF the
country; and II 10 Is deemed wise "a
lodge in the secretary Of the treasury the
authority in the present juncture TO pur.
chase bonds. it should be plainly vested
and provided, 50 far as possible. with
such checks and limitations as will de-
fine his official right aud discretion ant
at the same time relieve him from undue
responsibility. In considering the ques
ton OF purchasing bonds as a means o
restoring 10 circulation the surplus
money accumulating in the treasury, i
should be borne in mind that premiums
must, Of course. be paid upon such pur
chase; that there may be large part o
these bonds held as investments whicl
cannot be purchased at any price, ant
that combinations among holders wh'
are willing to sell may unreasonably en-
hance the cost Of such bonds 10 the gov
erment.
II has been suggested that the presen
bonded debt might be refunded at les
rate Of interest and the difference be
tween the old and new securities paid !
cash, thus finding use for the surplus i
the treasury. The success Of this plaT
: il is apparent, must be founded upon th
volition Of the holders of the preser
bonds, and it is not entirely certain tia
the inducement which must be ofiere
, them would result in more financii
benefit to the government than the pul
chase OF the bonds, while the latte
, proposition would reduce the principal I
I the debt by actual payment, instead {
extendingit.
The proposition to deposit the none
; held by the government in banl
2 throughout the country, for use by IL
! people, is, it seems to me, exceeding
Objectionable in principle, as reachir
5 too close a relationship between u
: operations OF the government to the bus
!. ness Of the country, and too extensive
e commingling Of their money, thus foste
It ing an unnatural reliance in private but
ness upon public funds. II this schem
II should be adopted it should only be do
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